THE PORT AUTHORITY OF NY & NJ

Press Release Article

STATEMENT FROM JOSEPH J. SEYMOUR
EXECUTIVE DIRECTOR
THE PORT AUTHORITY OF NEW YORK AND NEW JERSEY
REGARDING TODAY’S FEMA ANNOUNCEMENT

Date: Aug 12, 2002Press Release Number: 86-2002

“Today’s historic announcement will provide funding for a world-class transportation system that will include a new PATH station, a downtown grand terminal, mass transit connections, and underground concourses linking PATH, the N and R subway lines, the 1 and 9 lines, the 4 and 5 lines, and ferry connections.

“Our work here is far from done. These projects that are so vital to restoring and revitalizing downtown Manhattan are costly. The temporary PATH terminal will cost nearly $550 million. The permanent PATH terminal and its related components carry a price tag of $2.5 billion. Billions more will be needed for other elements of rebuilding. That is why we are so grateful to the federal authorities, the governors, members of Congress and others who have supported us.

“From the very first moments following the terrorist attacks, we have demonstrated our ability to work together. The people of the Port Authority look forward to continuing our work with the federal, state and local authorities to meet the challenges that lie ahead.”